Latam, November 12, 2024 – Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, achieved its second consecutive week of inflows exceeding $1 billion, bringing November’s net inflows to over $5 billion, according to data from DeFiLlama. This number is five times higher than the second-largest platform’s net inflows. This remarkable growth highlights Binance’s position as the preferred trading platform amid growing market demand and increasing interest in digital assets.
On Wednesday, November 6, Binance recorded over 13 million app visits in a single day, reflecting the increased attention to the market following the results of the US presidential election.
Following this result, Binance user assets reached $130 billion, according to DefiLlama's dashboard, marking the largest share of user assets on Binance since the Proof of Reserves rollout began two years ago.
In parallel, CryptoQuant reported that Binance’s reserve share, which shows the proportion of reserves held on Binance compared to all exchange reserves, rose to 25% this month, up from 4% in November 2023. These milestones reinforce users’ continued trust in Binance as their preferred platform for safely managing and protecting digital assets.
The recent surge in user activity also reflects broader market trends: since November 5, Bitcoin (BTC) prices are up nearly 20%, while Ether (ETH) prices are up 30%. These price movements emphasize the role of digital assets as a critical component of the modern financial landscape.
Richard Teng, CEO of Binance, comments: “This period of consecutive record-breaking numbers, billions of dollars in inflows into Binance, and an increase in our reserve ratio highlights the strength and resilience of Binance, chosen by nearly 240 million users. It also reflects the increasing acceptance and growth of digital assets on the global financial stage.”
"The rise of discussions about cryptocurrencies during major political events, such as the US presidential election, also highlights the increasingly important role that cryptocurrencies play in shaping the future of finance and politics. Indeed, we are witnessing the golden age of cryptocurrencies, where their potential is being developed and embraced globally," he added.
As the cryptocurrency sector continues to evolve and become part of the conversation, Binance remains dedicated to providing a secure, transparent, and comprehensive ecosystem for its users worldwide.
Correlation between Bitcoin and S&P 500
Cryptocurrency adoption around the world has been gradually growing, increasing the relevance of digital assets such as Bitcoin, Ether and BNB in portfolios and investment strategies.
According to a monthly report from Binance Research, the exchange's research arm, Bitcoin's correlation with the S&P 500 index of the US stock market reached near-record levels, which signaled a shift in the perception of Bitcoin as a risk asset and a macroeconomic hedge, which may influence the way traditional investors view Bitcoin.
Despite global economic and geopolitical challenges, the cryptocurrency market recorded a 2.8% growth in total capitalization in October, driven by strong Bitcoin ETF flows and positive US employment data. The market was on the lookout for potential regulatory changes, especially in light of the US presidential election.
On-chain applications now lead revenue generation within the cryptocurrency sector, with 13 of the top 15 protocols generating revenue from user-facing applications. This trend highlights a shift in the industry towards applications rather than infrastructure capturing a larger share of revenue.
The DeFi space is on the rise, with Total Value Locked (TVL) increasing significantly across major platforms. Solana’s TVL in DeFi reached $7.6 billion, with both institutional and retail interest increasing. Base and Aptos also saw record TVL growth. Solana also emerged as the leading blockchain for new token launches, hosting a record 90.6% of all token launches in the week of October 21, and over 70% of DEX token launches year-to-date.
October saw significant activity in meme coins, making up four of the top five best-performing tokens. They now account for over 12% of trading volume across the top 50 altcoins, with average daily volume of approximately $5 billion since February.